LifeStance Health Group, Inc. (LFST) 2025 Q4 法說會逐字稿

Good morning, and thank you for standing by. My name is Tina, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the LifeStance Health fourth-quarter 2025 earnings call. (Operator Instructions)

早安，感謝各位稍候。我叫 Tina，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 LifeStance Health 2025 年第四季財報電話會議。(接線員指示)

It is now my pleasure to turn today's call over to Monica Prokocki. Please go ahead.

現在我很榮幸將今天的電話會議交給 Monica Prokocki。請開始。

Thank you, operator. Good morning, everyone, and welcome to LifeStance Health's fourth-quarter 2025 earnings conference call. I'm Monica Prokocki, Vice President of Finance and Investor Relations. Joining me today are Dave Bourdon, Chief Executive Officer; and Ryan McGroarty, Chief Financial Officer. In addition, Ken Burdick, our Executive Chairman, is also with us.

謝謝，接線員。各位早安，歡迎參加 LifeStance Health 2025 年第四季財報電話會議。我是 Monica Prokocki，財務與投資人關係副總裁。今天與我一同出席的有執行長 Dave Bourdon，以及財務長 Ryan McGroarty。此外，我們的執行董事長 Ken Burdick 也在場。

We issued the earnings release and presentation before the market opened this morning. Both are available on the Investor Relations section of our website, investor.lifestance.com. In addition, a replay will be available following the call. Before turning over to management for their prepared remarks, please direct your attention to the disclaimers about forward-looking statements included in the earnings press release and SEC filings.

我們已於今天早上開盤前發布財報新聞稿與簡報。兩者皆可於我們網站的投資人關係專區 investor.lifestance.com 取得。此外，會後也將提供重播。在交由管理團隊進行事先準備的發言之前，請各位留意財報新聞稿與向 SEC 提交文件中所載之關於前瞻性陳述的免責聲明。

Today's remarks contain forward-looking statements, including statements about our financial performance, outlook, business model, and strategy. Those statements involve risks, uncertainties, and other factors, as noted in our periodic filings with the SEC, that could cause actual results to differ materially.

今天的發言包含前瞻性陳述，包括關於我們的財務表現、展望、商業模式與策略的陳述。這些陳述涉及風險、不確定性及其他因素（如我們定期向 SEC 提交的文件所述），可能導致實際結果出現重大差異。

Please note that we report results using non-GAAP financial measures, which we believe provide additional information for investors to help facilitate comparison of current and past performance. A reconciliation to the most directly comparable GAAP measures is included in the earnings press release tables and presentation appendix. Unless otherwise noted, all results are compared to the comparable period in the prior year.

請注意，我們使用非 GAAP 財務衡量指標報告結果；我們相信這能為投資人提供額外資訊，以利比較當期與過往表現。與最直接可比的 GAAP 指標之調節表，已載於財報新聞稿表格及簡報附錄中。除非另有說明，所有結果皆與前一年度同期間進行比較。

At this time, I'll turn the call over to Dave Bourdon, CEO of LifeStance.

現在我將把電話會議交給 LifeStance 執行長 Dave Bourdon。

Thanks, Monica. Thank you all for joining us today. 2025 was an exceptional year for LifeStance. We delivered robust organic revenue and visit growth, driven by continued expansion of our clinician base, as well as noteworthy improvements in productivity, all of which translated to delivering on our mission of expanding much-needed access to outpatient mental health services. As a result, our team of 8,000 clinicians delivered care to over 1 million patients and conducted nearly 9 million visits during 2025.

謝謝你，Monica。感謝各位今天加入我們。2025 年對 LifeStance 而言是非凡的一年。在臨床人員持續擴編，以及生產力顯著提升的帶動下，我們實現強勁的有機營收與就診次數成長；這些成果也轉化為我們使命的落實——擴大對門診心理健康服務的迫切需求之可近性。因此，2025 年我們 8,000 名臨床人員的團隊為超過 100 萬名病患提供照護，並完成近 900 萬次就診。

It starts and ends with the quality care delivered by our LifeStance clinicians. Patients continue to provide great feedback on their experience. In 2025, LifeStance achieved a patient Net Promoter Score of 84. Our over 570 centers maintained consistently high Google ratings, averaging 4.7 stars.

一切的起點與終點，都是 LifeStance 臨床人員所提供的高品質照護。病患持續對其就醫體驗給予高度正面回饋。2025 年，LifeStance 的病患淨推薦值（Net Promoter Score, NPS）達到 84。我們超過 570 個中心在 Google 上維持一貫的高評分，平均為 4.7 顆星。

In terms of financial results, this was a year of outperformance, milestones, and records for LifeStance. For both the fourth quarter and the full year, we once again exceeded each of our guided metrics, capping a year of consistent outperformance. We generated mid-teens revenue growth for the full year through clinician growth of 9%, as well as a remarkable 7% improvement in clinician productivity in the second half of the year.

就財務結果而言，這一年對 LifeStance 來說是超越預期、達成里程碑並創下紀錄的一年。無論第四季或全年，我們再次超越各項指引指標，為持續優於預期的一年畫下句點。全年營收成長達到約 10% 中段水準（mid-teens），主要來自臨床人員成長 9%，以及下半年臨床人員生產力顯著提升 7%。

We achieved double-digit Adjusted EBITDA margins for the full year for the first time as a public company, a milestone that reflects both the operating leverage in our model and the consistency of our execution over the past three years. We delivered positive net income and earnings per share for the full year, reaching this key milestone as a public company one year ahead of our expectations.

我們首次以上市公司身分在全年達成兩位數的調整後 EBITDA 利潤率，這項里程碑反映了我們模式中的營運槓桿，以及過去三年執行的一致性。我們全年實現淨利為正與每股盈餘為正，並較原先預期提前一年達成這項上市公司關鍵里程碑。

Finally, 2025 was a record year for free cash flow generation, demonstrating the strength of our operating model and our ability to invest in the business while creating long-term value. Ryan will provide more color on our financial performance. Our results in 2025 bolster the confidence we have as we carry strong momentum into 2026.

最後，2025 年自由現金流創下歷史新高，展現我們營運模式的強勁，以及在投資業務的同時創造長期價值的能力。Ryan 將就我們的財務表現提供更多說明。2025 年的成果也強化了我們的信心，讓我們帶著強勁動能邁入 2026 年。

Turning to operational execution. We made great strides in 2025 to drive improvements in the performance of the business. Earlier in the year, we outlined several initiatives designed to better fill the time clinicians make available to see patients. As these initiatives were implemented, their impact became increasingly evident in the back half of the year. For example, we implemented process improvements around clinician scheduling to better utilize available capacity. We also launched a cash incentive program that rewards clinicians for improving quality and productivity.

接著談營運執行。2025 年我們在推動業務表現改善方面取得重大進展。年初我們提出多項措施，旨在更有效地填補臨床人員可用於看診的時段。隨著這些措施落地，其影響在下半年愈發明顯。例如，我們針對臨床人員排班導入流程改善，以更充分運用可用產能。我們也推出現金獎勵計畫，獎勵臨床人員提升品質與生產力。

In addition, we expanded patient access through shortened booking lead times, which improved show rates and made enhancements to conversion of phone call to booked appointments by new patients. We also strengthened patient engagement with a new platform that enhances patient acquisition and retention. These initiatives have now delivered consistently improved results since implementation in the back half of the year, reinforcing the durability of the improvements.

此外，我們透過縮短預約前置時間來擴大病患可近性，進而提升到診率，並改善新病患來電轉換為已預約門診的成效。我們也透過一個新平台強化病患互動，提升病患獲取與留存。這些措施自下半年導入以來，已持續帶來穩定改善的成果，進一步印證改善的持久性。

Turning to technology. 2025 marked an important year of progress in how we use digital tools to support patient access, clinician experience, and operational efficiency. Throughout the year, we applied digital and AI solutions in targeted, practical ways to improve the experience for both patients and clinicians. From a new patient phone booking perspective, we implemented a new AI technology solution to support our scheduling team, which facilitated stronger appointment conversion and operational efficiency.

接著談科技。2025 年是我們在運用數位工具以支持病患可近性、臨床人員體驗與營運效率方面取得重要進展的一年。全年我們以聚焦且務實的方式，在特定領域導入數位與 AI 解決方案，以改善病患與臨床人員的體驗。以新病患電話預約為例，我們導入新的 AI 技術解決方案來支援排程團隊，促進更強的預約轉換率與營運效率。

We are improving the clinician experience and enhancing the care our patients receive. An example of this is we piloted AI-assisted documentation for clinicians. The early results show reduced administrative burden and cognitive load, enabling clinicians to work more efficiently and spend more time on patient care, while also supporting improved satisfaction and retention.

我們也在改善臨床人員體驗，並提升病患所獲得的照護品質。其中一個例子是，我們試行為臨床人員導入 AI 輔助病歷文件撰寫。初步結果顯示可降低行政負擔與認知負荷，使臨床人員能更有效率地工作並投入更多時間於病患照護，同時也有助於提升滿意度與留任率。

We are also using digital and AI tools that are benefiting operational excellence, including Revenue Cycle Management. Examples of this are the digital patient check-in tool, AI, and Robotic Process Automation that were instrumental in delivering strong cash collections. Overall, our approach to technology in 2025 was intentional and disciplined, using digital and AI for business enablement and decision support to drive engagement, productivity, and scale while improving the satisfaction for patients, clinicians, and our non-clinician teammates.

我們也運用數位與 AI 工具來提升營運卓越表現，包括營收循環管理（Revenue Cycle Management）。例如，數位病患報到工具、AI 與機器人流程自動化（Robotic Process Automation）在實現強勁的現金收款方面發揮了關鍵作用。整體而言，我們在 2025 年的科技策略是有意識且自律的：以數位與 AI 作為業務賦能與決策支援，推動互動、提升生產力與擴大規模，同時改善病患、臨床人員以及非臨床同仁的滿意度。

Turning to 2026 and beyond, we will continue building on our progress in advancing our operational and clinical excellence by focusing on several initiatives that support our long-term growth and scalability. First, we completed our EHR discovery process and made a decision to transition to a best-in-class vendor. This is an important step in advancing our long-term operating model and positioning the business for continued scale. The new EHR will be instrumental in supporting clinicians and patients to improve both their experience and clinical outcomes. We expect the new EHR to improve interoperability, which will benefit growing health system partnerships. We will begin working through the implementation in 2026 and expect the transition to the new EHR during 2027.

展望 2026 年及更長期，我們將持續在既有進展上再接再厲，透過聚焦多項支持長期成長與可擴展性的措施，推進營運與臨床卓越。首先，我們已完成電子病歷（EHR）探索評估流程，並決定轉換至同級最佳（best-in-class）的供應商。這是推進我們長期營運模式、並使業務具備持續擴張定位的重要一步。新的 EHR 將在支援臨床人員與病患方面扮演關鍵角色，以改善其體驗與臨床結果。我們預期新的 EHR 將提升互通性（interoperability），有利於擴大與醫療體系的合作夥伴關係。我們將於 2026 年開始推進導入工作，並預期於 2027 年完成轉換至新的 EHR。

Second, technology will continue to be an important enabler to delivering on our commitments this year, with an emphasis on applying AI and digital tools. We expect to build on the progress we made in 2025 by expanding technology solutions that improve access, clinician productivity, and operating efficiency. We are starting the year with additional use cases in customer service and Revenue Cycle Management, along with expansion of initiatives like AI clinical documentation and workflow management.

第二，科技將持續是我們今年履行承諾的重要推動力，並將重點放在應用 AI 與數位工具。我們預期在 2025 年進展的基礎上，擴大可提升可近性、臨床人員生產力與營運效率的科技解決方案。我們在年初即已於客服與營收循環管理領域啟動更多使用情境，同時擴大如 AI 臨床文件撰寫與工作流程管理等措施。

Third, we remain focused on attracting new patients and better converting those inquiries to visits. An example of this is provider and partner referrals, a core differentiator of our growth model. We are making additional investments in this channel in 2026 through increased talent resources to support that opportunity with a new operating model that improves local market support. In addition, we have seen improved online conversion of new patients with our care matching pilot and expect to implement it across all of our state practices this year.

第三，我們仍專注於吸引新病患，並更有效地將這些諮詢轉化為就診。其中一個例子是醫療提供者與合作夥伴轉介，這是我們成長模式的核心差異化因素。我們將於 2026 年透過增加人才資源，對此通路加碼投資，以新的營運模式強化在地市場支援，來把握這項機會。此外，我們在照護媒合（care matching）試點中看到新病患的線上轉化率有所提升，並預期今年將在我們所有州別的診所全面導入。

In closing, I'm very proud of the progress we have made as a company this year. As we enter 2026, we do so from a position of momentum and confidence. Looking ahead, we are well positioned to meet the increasing demand for high-quality mental health services and patients moving to insurance from cash pay for affordability. We will continue to extend our leadership and outpatient mental healthcare by pairing continued innovation with disciplined execution.

最後，我對公司今年所取得的進展感到非常自豪。邁入 2026 年，我們帶著動能與信心前行。展望未來，我們已做好充分準備，以因應對高品質心理健康服務日益增加的需求，以及病患為了可負擔性而從自費轉向保險給付的趨勢。我們將持續以不斷創新並搭配嚴謹執行，擴大我們在門診心理健康照護領域的領導地位。

Before turning it over to Ryan, I want to take a moment to acknowledge Ken Burdick. Ken has been and will remain an integral part of LifeStance's journey. In addition, I appreciate and value his continued mentorship. I'd like to turn it over to him to share a few words regarding a change in his role at LifeStance.

在交棒給 Ryan 之前，我想花點時間致謝 Ken Burdick。Ken 一直是、也將持續是 LifeStance 旅程中不可或缺的一部分。此外，我也感謝並珍視他持續的指導與提攜。我想把時間交給他，請他就他在 LifeStance 角色的變動分享幾句話。

Thanks, Dave. I transitioned to the executive chair role in March of 2025. During the past year, I have been incredibly impressed with the way in which Dave has stepped into the CEO role and Ryan has taken the reins as CFO. The performance of the business in 2025 speaks volumes of their leadership and the quality and cohesion of the entire leadership team.

謝謝你，Dave。我在 2025 年 3 月轉任執行董事長一職。在過去一年裡，我對 Dave 接任 CEO 角色以及 Ryan 接掌 CFO 職責的表現深感欽佩。公司在 2025 年的營運表現充分展現了他們的領導力，以及整個領導團隊的高品質與凝聚力。

In light of the confidence that I and the entire LifeStance board have in the leadership and direction of the business, I will be transitioning to the role of non-executive chair of the LifeStance board next month. I could not be more proud of Dave and his team, nor could I be more confident about the future for LifeStance. The financial and operational discipline that has been incorporated into the culture of purpose and passion that has always existed at LifeStance Health, is a powerful combination that will drive sustained success for years to come.

鑑於我以及 LifeStance 全體董事會對公司領導團隊與業務方向的信心，我將於下個月轉任 LifeStance 董事會非執行董事長。我對 Dave 與他的團隊感到無比自豪，也對 LifeStance 的未來充滿信心。將財務與營運紀律融入 LifeStance Health 一直以來所秉持的使命感與熱忱文化之中，是一種強而有力的結合，將推動公司在未來多年持續成功。

With that, I'll turn it back to the team. Ryan will now walk you through the financial results.

接下來，我把時間交回給團隊。Ryan 現在將帶各位回顧財務結果。

Thanks, Ken. I'm pleased with the team's operational and financial performance in the fourth quarter, which exceeded our expectations. We delivered solid growth across revenue and visit volumes, as well as a record Adjusted EBITDA margins driven by operational discipline. For the fourth quarter, revenue grew 17% year-over-year to $382 million. Revenue exceeded our expectations, primarily due to better-than-expected total revenue per visit and, to a lesser extent, visit volumes.

謝謝你，Ken。我對團隊在第四季的營運與財務表現感到滿意，且表現超出我們的預期。我們在營收與就診量方面皆實現穩健成長，同時在營運紀律的帶動下，Adjusted EBITDA 利潤率創下新高。第四季營收年增 17% 至 3.82 億美元。營收優於預期，主要來自每次就診的總營收（total revenue per visit）高於預期，此外就診量也有部分貢獻。

Visit volumes of 2.4 million increased 18% year-over-year. The outperformance was primarily driven by better-than-expected clinician productivity, our visits per average clinician increased 7% year-over-year.

就診量為 240 萬次，年增 18%。優於預期主要由臨床人員生產力高於預期所帶動；我們每位平均臨床人員的就診次數年增 7%。

We grew our net clinicians by 44 in the fourth quarter and 657 for the full year, bringing our total clinician base to 8,040, representing growth of 9% year-over-year. The level of net clinician adds in the fourth quarter was based on an intentional effort to balance the existing capacity of our clinician base and new clinician hires. This strategy was effective, as demonstrated by the strong visit and revenue performance in the quarter, increases our confidence in this approach going forward.

第四季我們的淨新增臨床人員為 44 位，全年淨新增 657 位，使臨床人員總數達到 8,040 位，年增 9%。第四季淨新增臨床人員的水準，是基於我們有意在既有臨床人員產能與新聘臨床人員之間取得平衡。此策略證明有效，從本季強勁的就診與營收表現可見一斑，也提升了我們對未來延續此作法的信心。

Total revenue per visit of $160 was roughly flat year-over-year and modestly ahead of our expectations. For the full year, we delivered revenue of $1.424 billion, up 14% year-over-year, driven entirely by visit volumes.

每次就診的總營收為 160 美元，與去年同期大致持平，且略高於我們的預期。全年營收為 14.24 億美元，年增 14%，成長完全由就診量所驅動。

Turning to profitability, Center Margin of $126 million in the quarter increased 15% year-over-year and was 33% as a percentage of revenue. This exceeded our expectations, primarily due to the revenue beat, as well as slightly lower spend. Full year Center Margin of $461 million grew 15%.

接著談獲利能力，本季 Center Margin 為 1.26 億美元，年增 15%，占營收比重為 33%。此結果超出我們預期，主要因營收優於預期，此外支出也略低。全年 Center Margin 為 4.61 億美元，成長 15%。

Adjusted EBITDA of $49 million in the quarter was very strong and exceeded our expectations. This 49% year-over-year increase resulted in our adjusted EBITDA as a percentage of revenue of 12.8%, the highest in our history as a public company. The outperformance in the quarter was primarily attributable to favorable Center Margin and slightly lower G&A spending than expected. For the full year, adjusted EBITDA was $158 million, increasing 32% year-over-year, with margins increasing 150 basis points to 11.1%.

本季 Adjusted EBITDA 為 4,900 萬美元，表現非常強勁並超出我們預期。年增 49% 使得 Adjusted EBITDA 占營收比重達 12.8%，為我們成為上市公司以來的最高水準。本季優於預期主要歸因於較佳的 Center Margin，以及一般與行政（G&A）支出略低於預期。全年 Adjusted EBITDA 為 1.58 億美元，年增 32%，利潤率提升 150 個基點至 11.1%。

We have continued to deliver on our commitment to drive operating leverage in G&A as we maintain a disciplined approach to expanding margins while supporting sustainable growth. As Dave mentioned earlier, we finished the full year with positive net income and earnings per share. This achievement was delivered a year earlier than we expected and is a key milestone in our journey as a public company.

在支持可持續成長的同時，我們持續兌現承諾，透過一般與行政（G&A）的營運槓桿來推動獲利能力提升，並維持擴大利潤率的紀律性作法。如 Dave 先前提到，我們全年以正的淨利與每股盈餘作收。這項成果比我們預期提前一年達成，是我們作為上市公司發展歷程中的重要里程碑。

Turning to liquidity, we generated robust free cash flow of $47 million in the fourth quarter and $110 million for the full year, exceeding our expectations due to better-than-expected earnings and the dedicated efforts of our collections team. We exited the quarter with a strong balance sheet, including a cash position of $249 million and net long-term debt of $266 million. We have additional capacity from an undrawn revolver of $100 million. We are pleased with our leverage ratios with net and gross leverage of 0.2 and 1.8 times, respectively. We have significant financial flexibility to run the business and fully execute on our strategy.

接著談流動性，我們第四季產生強勁的自由現金流 4,700 萬美元，全年自由現金流為 1.10 億美元；由於獲利優於預期以及收款團隊的專注努力，表現超出我們預期。本季末我們的資產負債表維持強健，包括現金部位 2.49 億美元，以及長期淨負債 2.66 億美元。我們另有 1.00 億美元的循環信貸額度（revolver）尚未動用，可提供額外資金彈性。我們對槓桿比率感到滿意，淨槓桿與總槓桿分別為 0.2 倍與 1.8 倍。我們具備顯著的財務彈性，可用以經營業務並完整執行我們的策略。

Additionally, this morning, we announced that our board of directors has authorized a share repurchase program, allowing us to repurchase up to $100 million worth of our outstanding shares. We will fund this program with cash on hand. With a strong balance sheet, meaningful free cash flow generation, and leverage levels that provide ample financial flexibility, we believe this share repurchase program is an attractive and highly efficient way to deploy capital and create long-term shareholder value. At the same time, M&A continues to be a priority, and we have resources dedicated to exploring opportunities in a disciplined manner.

此外，今天早上我們宣布董事會已核准一項庫藏股回購計畫，允許我們回購最多 1.00 億美元的流通在外股份。我們將以手上現金為此計畫提供資金。憑藉強健的資產負債表、可觀的自由現金流創造能力，以及提供充足財務彈性的槓桿水準，我們認為此股份回購計畫是部署資本、創造長期股東價值的一種具吸引力且高效率的方式。同時，併購（M&A）仍是優先事項，我們也配置資源以紀律性的方式探索相關機會。

In terms of our outlook for 2026, we expect full year revenue of $1.615 billion to $1.655 billion, Center Margin of $526 million to $550 million, and Adjusted EBITDA of $185 million to $205 million, with the midpoint representing 11.9% margin or almost a point of margin expansion. Our annual guidance assumes year-over-year revenue growth, driven primarily by higher visit volumes, combined with low to mid-single digit increases to our total revenue per visit.

就 2026 年展望而言，我們預期全年營收為 16.15 億至 16.55 億美元，Center Margin 為 5.26 億至 5.50 億美元，Adjusted EBITDA 為 1.85 億至 2.05 億美元；其中點代表 11.9% 的利潤率，亦即利潤率擴張接近 1 個百分點。我們的年度指引假設營收年增主要由更高的就診量所帶動，並搭配每次就診的總營收呈現低至中個位數的增幅。

As for phasing, our guidance contemplates a revenue split of roughly 50/50 in the first and second half of the year, with the second half slightly higher. For the first quarter, we expect revenue of $380 million to $400 million, Center Margin of $118 million to $132 million, and Adjusted EBITDA of $39 million to $45 million. In terms of earnings, the first quarter is seasonally impacted by higher payroll taxes.

至於年度分布，我們的指引預期上半年與下半年營收約各占 50%，其中下半年略高。第一季方面，我們預期營收為 3.80 億至 4.00 億美元，Center Margin 為 1.18 億至 1.32 億美元，Adjusted EBITDA 為 3,900 萬至 4,500 萬美元。就獲利而言，第一季會受到季節性因素影響，因薪資稅較高。

Additionally, we expect stock-based compensation of approximately $60 million to $70 million in 2026. As a reminder, we announced in May that we would be sunsetting our stock-based incentive program for clinicians and replacing it with a cash bonus incentive program. The impact of this change was expected to result in a decrease in stock-based compensation of roughly $10 million per year. We are seeing this benefit for the first time beginning in 2026 and will continue to see a reduction over the next four years as the existing tranches of clinician stock vest. Regarding free cash flow, we expect to once again generate meaningful positive free cash flow for the full year 2026. Additionally, we expect to open 20 to 30 new centers this year.

此外，我們預期 2026 年以股票為基礎的薪酬約為 6,000 萬至 7,000 萬美元。提醒一下，我們在 5 月宣布將逐步終止針對臨床醫師的股票型激勵計畫，並以現金獎金激勵計畫取而代之。此項變更預期將使以股票為基礎的薪酬每年約減少 1,000 萬美元。我們將自 2026 年起首次看到這項效益，並在未來四年隨著既有臨床醫師股票分批歸屬而持續看到下降。就自由現金流而言，我們預期 2026 全年將再次產生具意義的正向自由現金流。此外，我們預期今年將新開設 20 至 30 個新中心。

As Dave mentioned, we recently completed our EHR discovery process and are moving ahead with implementation this year. During 2026 and 2027, we expect this implementation to represent a use of cash of roughly $20 million to $30 million. Much of the spend will be capitalized or adjusted EBITDA as it is non-recurring. Any P&L impact associated with these activities has already been reflected in our 2026 guidance assumption.

如 Dave 所提到的，我們近期已完成 EHR 探索（discovery）流程，並將於今年推進導入。在 2026 與 2027 年期間，我們預期此項導入將帶來約 2,000 萬至 3,000 萬美元的現金支出。由於屬於一次性（非經常性）支出，其中大部分將資本化或在調整後 EBITDA 中進行調整。與這些活動相關的任何損益表影響，已反映在我們對 2026 年指引的假設中。

As we look beyond 2026, we continue to expect revenue growth in the mid-teens based on low to mid-single digit annual rate growth, combined with low double-digit volume growth. We expect to continue to expand operating leverage through the G&A line and now expect to reach mid-teens adjusted EBITDA margins by fiscal year 2028. We believe this trajectory underscores the strength of our platform, combined with favorable macro mental health trends, and gives us confidence in our ability to consistently deliver growth and expanding margins over the coming years.

展望 2026 年之後，我們仍預期營收將以約 10% 中段（mid-teens）的速度成長，主要來自每年低至中個位數的費率成長，搭配低雙位數的量（volume）成長。我們預期將持續透過 G&A 費用線擴大營運槓桿，並且目前預期在 2028 財政年度達到約 10% 中段的調整後 EBITDA 利潤率。我們認為此一軌跡凸顯了我們平台的強勁實力，結合有利的總體心理健康趨勢，並使我們對未來數年持續交付成長與利潤率擴張的能力更具信心。

With that, I'll turn it back to Dave for his closing comments.

接下來，我把時間交還給 Dave 作結語。

Thanks, Ryan. In closing, 2025 was an exceptional year for LifeStance. Our results demonstrate the dedication of each of our clinicians and team members and the resilience of our model. We enter 2026 with strong momentum to continue expanding access to high quality, affordable mental health care.

謝謝你，Ryan。總結來說，2025 年對 LifeStance 而言是非常出色的一年。我們的成果展現了每一位臨床醫師與團隊成員的投入，以及我們模式的韌性。我們帶著強勁動能進入 2026 年，將持續擴大高品質、可負擔心理健康照護的可近性。

Operator, we'll now take questions.

接線生，我們現在開始提問。

(Operator Instructions) Craig Hettenbach, Morgan Stanley.

(接線生指示) Morgan Stanley 的 Craig Hettenbach。

Thanks. Just to start, Ken, echoing your comments, nice to see that the execution of the team kind of playing out and kind of the strategy. Dave, maybe just building on that, the inflection in productivity in the back half of the year and your comments about durability, can you just talk about kind of this year and as we play it forward, just how that's impacting the business?

謝謝。先從一點開始，Ken，呼應你的評論，很高興看到團隊的執行力以及策略逐步展現成果。Dave，或許在此基礎上，關於下半年生產力的拐點以及你提到的持續性（durability），你能談談今年以及往後推進時，這對業務的影響嗎？

Good morning, Craig. Thanks for the question. In regards to the productivity initiatives, and you know, we talked about a number of them throughout, especially the back half of last year. What you're seeing is the durability in those, whether it's the improvements that we've made in our phone scheduling team for new patients, the new cash incentive program that we have for clinicians that are tied to quality and productivity. You know, all those kinds of initiatives that we put in, it wasn't just a Q3 lift. We actually saw it build into Q4. We're very happy with the productivity improvements and the durability that we've seen, including as we've stepped into 2026.

早安，Craig。謝謝你的提問。關於生產力提升的各項措施，你知道，我們一路談了不少，特別是在去年下半年。你現在看到的是這些措施的持續性，不論是我們在新病患電話排程團隊所做的改善，或是我們針對臨床醫師推出、與品質與生產力掛鉤的新現金激勵計畫。你知道，我們導入的這些措施，不只是第三季的一次性拉升。我們實際上看到它延續並在第四季進一步增強。我們對生產力改善以及其持續性非常滿意，包括在我們邁入 2026 年之際也是如此。

Now, having said that, just at a macro level, just a reminder is that, you know, we're guiding to about 15% revenue growth in 2026, and the growth algorithm of that is still, we expect low-double digit visit growth, and that's going to come primarily from net clinician adds with some complementary benefit from productivity. In addition, we'll see low to mid-single digit total revenue per visit growth coming from the payer rate increases.

不過話說回來，從總體層面提醒一下，你知道，我們對 2026 年的指引約為 15% 的營收成長，而其成長算法仍是：我們預期就診量（visit）將有低雙位數成長，主要來自臨床醫師淨新增，並由生產力帶來一些互補性的助益。此外，我們也將看到每次就診的總營收以低至中個位數成長，來源是支付方（payer）費率上調。

Got it. Then just as a follow-up, when you think about the path to 15% EBITDA margin, and you spoke a lot about just some of the technology investments. As a management team, how are you looking at just the ROI kind of payback and the investments you're making, like, translating into the models?

了解。接著追問一下，當你們思考達到 15% EBITDA 利潤率的路徑時，你也談了很多技術投資。以管理團隊的角度，你們如何看待投資的 ROI 回收期，以及你們所做的投資如何轉化並反映到模型中？

Yeah, sure, Craig. This is Ryan. I'll jump into that question. I appreciate you starting off just kind of highlighting, like, what our long-term guide is overall. Again, like, I think we've been able to demonstrate a history of delivering on our results.

好的，當然可以，Craig。我是 Ryan。我來回答這個問題。也謝謝你一開始就提到我們整體的長期指引。再說一次，我想我們已經能展現一段持續兌現成果的紀錄。

As it relates to investment, we are very disciplined in our approach in kind of looking at whether it's an AI enablement solution or other technological solution, looking at the return profile of the investment and making sure that it pencils out to be able to kind of drive the leveraging that we're looking for from an operating perspective. Again, very disciplined and thoughtful process that we have in terms of looking at investments.

就投資而言，我們在評估上非常嚴謹，不論是 AI 賦能解決方案或其他技術解決方案，我們都會檢視投資的報酬輪廓，並確保在財務上算得過來（pencils out），以便從營運角度推動我們所追求的槓桿效益。再次強調，我們在投資評估上有一套非常嚴謹且審慎的流程。

Great. Thank you.

很好。謝謝。

Lisa Gill, JPMorgan.

JPMorgan 的 Lisa Gill。

Hi. Thanks very much, and good morning. I just wanted to follow up on your comments around the visits per clinician being up 7%. You made some earlier comments around digital and AI. Can you talk about how that's playing into those visits per clinician?

嗨。非常感謝，早安。我想追問你們提到每位臨床醫師的就診次數上升 7% 的部分。你先前也提到數位化與 AI。你能談談這些如何影響每位臨床醫師的就診次數嗎？

Yeah, Lisa, good morning. It's Dave. I'll take that one. There's really two aspects to this. The first was that we worked with the clinicians to get more capacity on their calendars, right? That they gave us more availability to be able to see patients, and that's been a multi-year journey for us, and it's really nice to see the benefits of that.

好的，Lisa，早安。我是 Dave。我來回答。這其實有兩個面向。第一個是我們與臨床醫師合作，讓他們的行事曆有更多可用容量，對吧？也就是他們提供更多可看診的時段，這對我們而言是多年來的努力歷程，而很高興現在看到其效益。

The converse of that is then the clinician said, okay, we're giving you more capacity. Now, we want you to use it. We want to see more patients. Obviously, if they see more patients, they also make more income. They were asking for us to fill more of the time on their calendars. We worked with them around schedule optimization, basic practice enablement and practice management initiatives. That was one aspect of it.

相對地，臨床醫師接著會說，好，我們給了你們更多容量。現在，我們希望你們把它用起來。我們希望看到更多病患。顯然，如果他們看更多病患，他們的收入也會更高。他們要求我們把他們行事曆上的時間填得更滿。我們與他們一起做了排程最佳化、基本的診所賦能（practice enablement）以及診所管理（practice management）相關的措施。這是其中一個面向。

The other is then increasing the flow of new patients. We've talked about some of those things, like improving the conversion of the phone calls that we get from people seeking care to actually booking an appointment. Some of the AI tools that we put in place there last year improved that conversion rate by 5%. We have a number of initiatives that are driving improved new patient conversion.

另一個面向是提升新病患的流入量。我們談過其中一些作法，例如改善我們接到的、尋求照護者來電轉換為實際預約的轉換率。我們去年在那裡導入的一些 AI 工具，讓轉換率提升了 5%。我們有多項措施正在推動新病患轉換率的改善。

As we step into this year, one of the initiatives that I mentioned in my prepared remarks is our new care matching algorithm and tool. We really believe by improving the matching, we improve the therapeutic alliance between the clinician and the patient. What we've seen from the early results of the pilot is improved conversion, both not only in the phone -- from phone calls, but also from online scheduling. And once we get that patient in the door, they're actually stickier, and we believe we'll see better health outcomes on the back end of that as well.

當我們邁入今年，我在事先準備的發言中提到的一項措施，是我們新的照護配對（care matching）演算法與工具。我們非常相信，透過改善配對，我們能提升臨床醫師與病患之間的治療同盟（therapeutic alliance）。從試點的早期結果來看，我們看到轉換率提升，不僅在電話來電方面，也包括線上排程。而一旦我們讓病患走進門，他們實際上更黏著（stickier），我們也相信在後端將看到更好的健康結果。

That's great. Dave, just as a follow-up, you know, in your first answer to the question, you talked about low to mid payer rates. I know, you know, one of the initiatives that Ken had was cleaning up some of the managed care relationships. Can you talk about where you are on that path? Is it where you want to be? Low to mid payer rates sounds like a positive. Do you have good line of sight to that over a multi-year period of time?

太好了。Dave，作為追問，你在第一個回答裡提到低到中等的付款方費率。我知道，Ken 其中一項倡議是整頓一些受管理式醫療（managed care）的合作關係。你能談談你們在這條路徑上目前進展到哪裡了嗎？是否已達到你想要的狀態？低到中等付款方費率聽起來是正面的。你們是否能在多年期間對此有很好的可視性？

We do. First of all, we're pretty much complete on the journey of cleaning up the payer contracts. Over the last three years, we've probably reduced the number of contracts by 50%. It is a meaningful improvement. The genesis of that, or the reason we did that, was really around administrative efficiency. We wanted our team to focus on the relationships that mattered, that was really the driver of that. We've largely completed that, Lisa.

有的。首先，我們在清理付款方合約的旅程上幾乎已經完成。過去三年，我們大概把合約數量減少了 50%。這是很有意義的改善。這麼做的起點或原因，主要是為了提升行政效率。我們希望團隊把重心放在真正重要的合作關係上，這才是主要驅動因素。我們大致已經完成了，Lisa。

As far as the payer rate increases and the durability of that low to mid-single digit, we primarily use an approach of annual rate discussions with clinicians or with the payers. We will, from time to time, depending on the situation, lock in a multi-year arrangement, similar to like what a hospital system would do with a payer. For the most part, we're more annual contracts with the payers. We're having very constructive conversations with them. Again, feel very good about that low to mid-single digits and being able to achieve that in the coming years.

至於付款方費率的調升，以及這種低到中等個位數增幅的持久性，我們主要採用每年與臨床醫師或付款方進行費率討論的方式。我們也會不時地、視情況而定，鎖定多年度的安排，類似醫院體系與付款方會採取的做法。但大多數情況下，我們與付款方的合約仍以年度合約為主。我們與他們的對話非常具建設性。再次強調，我們對於維持低到中等個位數的增幅、並在未來幾年達成這點，感到非常有信心。

Great. Congrats on those great results.

很好。恭喜你們取得這麼好的成果。

Thank you.

謝謝。

Kevin Caliendo, UBS.

UBS 的 Kevin Caliendo。

Thanks. Good morning, guys. Thanks for taking my question. I just want to go into the comment about the moderating the net adds in the quarter and the efficiency. Does that mean that you could have added, and this is like a more measured approach to, you know, making sure your efficiency and onboarding was in the best shape possible? Is there, like, a backlog? I guess the follow-up to that is, how should we think about the ads organically versus M&A, versus, you know, what is exciting in this new buyback that you announced, which I think will be very well received?

謝謝。各位早安。謝謝讓我提問。我想深入問一下你們提到本季淨新增人數放緩以及效率的評論。這是否表示你們其實可以新增更多，只是採取更審慎的方式，以確保效率與到職導入（onboarding）處於最佳狀態？是否存在某種積壓（backlog）？我接著想問的是，我們應該如何看待有機新增相對於併購（M&A），以及你們宣布的新回購計畫有哪些令人興奮之處？我認為市場會很買單。

I'll take that one, Kevin. There's a few parts to that. First of all, as far as the Q4 clinician adds. I think what, you know, where you were going with that is, we are having an intentional balance between the adding of new clinicians versus taking advantage of the capacity that we have with our existing clinicians. Our priority is to take advantage of that capacity on the existing clinicians first, because of two reasons.

Kevin，這題我來回答。這裡有幾個部分。首先，關於第四季新增的臨床人員。我想你要問的是：我們在新增臨床人員與善用現有臨床人員的產能之間，刻意維持一個平衡。我們的優先順序是先利用現有臨床人員的產能，原因有兩點。

The first is that we actually believe by doing that, we'll improve their satisfaction, and eventually that'll turn into better retention. The other is, it's actually a win-win for both the clinician and the company. It's just a more efficient way for us to be able to run the business. That has been an intentional balancing act. Again, what I mentioned earlier is that we still believe, for our growth algorithm, as we step into 2026 and in the coming years, the primary driver of visits will continue to be clinician net adds. Improvements in productivity will be complementary, but not the major driver.

第一，我們相信這麼做能提升他們的滿意度，最終會帶來更好的留任。第二，這其實對臨床人員與公司而言是雙贏。對我們來說，這是更有效率的營運方式。這一直是一個刻意的平衡取捨。再重申我先前提到的：就我們的成長演算法而言，當我們邁入 2026 年以及未來幾年，帶動就診次數（visits）的主要驅動因素仍將是臨床人員淨新增。生產力的提升會是互補，但不會是主要驅動因素。

Then as far as M&A goes, first thing I'd want to make the point on is there's no material M&A included in our 2026 guidance. It does continue to be a priority, and we do have an active pipeline. At the same time, we're going to be very disciplined, and we're focused on opportunities that are both strategic and financially makes sense.

接著談併購（M&A）。我想先強調一點：我們的 2026 年指引並未納入任何重大的併購。併購仍然是優先事項，我們也有活躍的案源管線。同時，我們會非常自律，聚焦在同時具策略性且在財務上合理的機會。

It's an interesting environment right now. We've seen it with the larger companies, you know, revenue in the $75 million to $250 million range. They have valuation expectations that are dislocated from reality. At the same time, as we're going down market, those opportunities seem to have more appropriate valuations. We're targeting those kinds of companies for geo expansion. I would expect to see some of those smaller tuck-ins, but again, that is not going to materially move the needle on the financials in 2026. What it does is it positions us well for future year growth.

目前的環境很有意思。我們在較大型公司身上也看到了這點，也就是營收約 7,500 萬到 2.5 億美元區間的公司。他們對估值的期待與現實脫節。同時，當我們往更小型的市場區隔下探時，那些機會的估值似乎更為合理。我們鎖定這類公司來做地理版圖擴張。我預期會看到一些較小型的補強式併購（tuck-ins），但再次強調，這不會在 2026 年對財務數字造成實質性的影響。它的作用是讓我們在未來年度的成長上具備更好的布局。

Got it. Thank you.

了解。謝謝。

Jack Slevin, Jefferies.

Jefferies 的 Jack Slevin。

Thanks for taking the question. Wanted to ask about the 2026 guide and some of the commentary around the EHR implementation. I guess just looking at how some of the G&A stacks in the initial guide and appreciate sort of the conservative approach and all the execution you all have been undertaking recently. Like, it looks like the EBITDA drop-through is going to be a bit lower. I was just curious if you could speak a little more to, like, the process of implementing that EHR and if there's anything specific on the cost side we need to be thinking about there.

謝謝讓我提問。我想問一下 2026 年指引，以及一些關於 EHR 導入的評論。我在看初始指引中 G&A 的配置，並且也理解你們採取較保守的做法，以及近期所推動的各項執行工作。看起來 EBITDA 的落袋率（drop-through）會稍微低一些。我想請你多談一點 EHR 導入的流程，以及在成本端是否有任何我們需要特別留意的事項。

Sure. Jack, appreciate the question, and good morning. I'll start off with the EHR, and then I'll talk a little bit just in terms of, like, G&A in totality between 2025 and 2026 and the growth rates. First and foremost, as I mentioned on the call in my prepared remarks, the overall EHR kind of implementation, like, we wanted to put out, like, just in terms of the representation of the cash usage, and, you know, as I mentioned, it's $20 million to $30 million. Most of these costs will be adjusted through EBITDA or capitalized. Again, we're still, you know, we're in the early stages just in terms of overall, the journey to implementation of a new EHR, which we're all really excited about.

當然可以。Jack，謝謝你的提問，早安。我先從 EHR 談起，接著再談一下 2025 到 2026 年整體 G&A 的情況與成長率。首先，如同我在電話會議的事先準備講稿中提到的，關於整體 EHR 的導入，我們想先對現金使用的呈現方式做個說明；如我所說，金額約為 2,000 萬到 3,000 萬美元。這些成本大多會在 EBITDA 中作調整（adjusted through EBITDA）或資本化處理。再次強調，我們目前仍處於相對早期的階段，就整體導入新 EHR 的旅程而言；我們都非常期待。

When you look at G&A in totality, when you look at '25, our growth rate was 7%, which is unnaturally low when you peg it against the growth rate of the business. If you recall, when you go back to our original guide, our original guide was closer to 10%. When you look at our full year guide from a G&A perspective, like where it implies that we're at 13%, which stacks up well against the 15% overall growth rate. You're able to leverage your operating expenses, but at the same time, it provides us flexibility as it relates to being able to continue to make the investments in growth, you know, where Craig went earlier, just in terms of capabilities to kind of that ROI and kind of pencil out. Overall, that's kind of the cause of the step up, year-over-year.

當你從整體來看 G&A，回頭看 2025 年，我們的成長率是 7%，相較於公司業務的成長率而言，這低得不太尋常。如果你還記得，回到我們最初的指引，原本更接近 10%。從 G&A 的角度看我們的全年指引，所隱含的成長率約為 13%，相較於整體 15% 的成長率，這樣的搭配是合理的。你能夠槓桿化你的營運費用，但同時也讓我們在持續投入成長方面保有彈性；就像 Craig 先前提到的，關於能力建置、以及讓投資報酬（ROI）能夠算得過去、能夠對得上帳。整體而言，這就是年對年增加的原因。

Okay, got it. Really helpful. Maybe just as a follow-up, thinking about some of the M&A commentary. I guess, to take a step back a bit, can you maybe just level set on, like, any sort of KPIs or things you think about as you look at organic growth in the business versus M&A opportunities? I would think the hurdle rates are getting higher because of the broad network you have and your sort of track record of being able to add on the organic side, but I wasn't sure if there's any way you can think about even, return profiles or other things on sort of growth via those two vectors, given where the portfolio stands right now. Thanks.

好的，了解。非常有幫助。也許作為後續追問，想請教一些關於併購（M&A）的評論。我想先退一步問一下，當你們在看業務的內生成長（organic growth）相對於併購機會時，有沒有什麼關鍵績效指標（KPI）或你們會考量的事項，可以先幫我們對齊一下？我會認為，因為你們擁有廣泛的網路，以及在內生成長端具備可持續加碼的往績，門檻報酬率（hurdle rates）應該正在提高；但我不確定你們是否有任何方式去思考，例如在目前投資組合的狀態下，透過這兩種成長路徑的報酬輪廓（return profiles）或其他因素。謝謝。

Yeah, we talked -- just talked a minute ago about M&A. I think just to pile on with a few comments. Certainly from that financial discipline perspective, we have a profile around multiples on EBITDA and things like that we have our hurdle rates, which we're not going to, you know, we obviously aren't going to publicly disclose.

是的，我們——剛剛一分鐘前才談到併購。我想再補充幾點。當然，從財務紀律的角度來看，我們會看像是 EBITDA 倍數等指標，我們也有自己的門檻報酬率，但我們不會——你知道，我們顯然不會對外公開揭露。

We are, you know, we do have financial metrics that we're, again, very disciplined on. The downmarket opportunities are the ones that are currently the most attractive to us, and it's attractive primarily for geographic expansion. We do not see doing small tuck-ins in geographies where we already have a meaningful presence. The economics are actually much more attractive for us to just grow those organically.

我們確實——你知道——有一些財務指標，我們同樣非常嚴格地遵守。目前對我們最具吸引力的是下沉市場（downmarket）的機會，而其吸引力主要來自地理版圖的擴張。我們不認為會在我們已經有相當規模據點的地區做小型補強式併購（tuck-ins）。對我們而言，那些地區的經濟性其實更適合用內生成長來擴張。

Okay, helpful. Appreciate the color.

好的，很有幫助。感謝補充說明。

Richard Close, Canaccord Genuity.

Richard Close，Canaccord Genuity。

Thanks for the question, and congratulations on a great year. You know, Dave, in the past, you talked about a differentiation and optimization phase that included, I guess, several strategies, like specialty services expansion. I'm interested in how that has progressed. Also becoming the referral partner of choice, just, you know, what you're doing there, you know, maybe more details in terms of payer relationships and provider organizations, you know, with respect to referrals.

謝謝讓我提問，也恭喜你們有個很棒的一年。你知道，Dave，過去你談到一個差異化與優化階段（differentiation and optimization phase），其中包含——我想——幾項策略，例如專科服務（specialty services）擴張。我想了解這方面的進展如何。另外，成為首選轉介合作夥伴（referral partner of choice）這件事，你們正在做些什麼？你知道——也許能多提供一些細節，特別是在付款方（payer）關係與醫療提供者組織（provider organizations）方面，就轉介（referrals）而言。

Thanks for the question, Richard. There's a number of components there, so I'll try to hit them all. First of all, to your point around specialty services, that is an important part of our future growth story, and we're doing that because what we want to be able to do is holistically treat the patient. Whether it's therapy, psychiatry, the kind of those core services, or if they need additional services like neuropsych testing, or if they have treatment-resistant depression, and, you know, they need to step up in care in regards to, like, a SPRAVATO or TMS or things like that. This is all about treating the patient holistically and driving to a better health outcome.

謝謝你的問題，Richard。這裡面有好幾個面向，我會盡量都涵蓋到。首先，關於你提到的專科服務，這是我們未來成長故事中很重要的一部分；我們之所以這麼做，是因為我們希望能以整體性的方式治療病患。不論是治療（therapy）、精神科（psychiatry）這類核心服務，或是病患需要額外服務，例如神經心理測驗（neuropsych testing），或是他們有治療抗性憂鬱症（treatment-resistant depression），而且——你知道——需要升級照護層級，例如 SPRAVATO 或 TMS 之類的治療。這一切都是為了以整體方式照護病患，並帶來更好的健康結果。

Specific to specialty, just to ground you know, previously we had talked about it as about $50 million of revenue. We are targeting $70 million of revenue for 2026, so about a 40% increase. That's consistent with how we've talked about that business segment in the sense of that it would grow at a rate larger than our core book of business. That growth is primarily coming from those treatment-resistant depression services of SPRAVATO and TMS.

就專科業務而言，先提供一些基準：先前我們談到這大約是 5,000 萬美元的營收。我們的目標是在 2026 年達到 7,000 萬美元營收，約增加 40%。這也符合我們過去對該業務區塊的說法，也就是它的成長率會高於我們的核心業務。這個成長主要來自治療抗性憂鬱症相關服務，也就是 SPRAVATO 與 TMS。

Just a couple of things I'd mention is this is low capital intensity. What we're doing is we're leveraging our existing centers. Again, we just think this is a tremendous opportunity for us in the coming years, and it's going to contribute to both growth and margins. That was on the specialty.

我再補充幾點：這是低資本密集（low capital intensity）的業務。我們所做的是運用既有的中心據點。同樣地，我們認為這在未來幾年對我們是非常巨大的機會，並且會同時貢獻成長與利潤率。以上是專科業務的部分。

In regards to being the partner of choice, you know, I'm going to stick primarily to the medical providers because we addressed that a little bit in our prepared remarks. We're continuing to invest in those resources, everything from a technology perspective and how we interface with them and the unique requests we get from, for example, a health system, as well as we're investing in additional feet on the street. We've implemented a new operating model to make those resources even more local, to be able to support our state practices and drive increased referrals from the medical practices. We feel really good, we feel really good about that.

至於成為首選合作夥伴這件事，你知道，我會主要聚焦在醫療提供者端，因為我們在事先準備的講稿裡已經稍微提到。我們持續投資相關資源，從科技面、我們如何與他們介接、以及我們收到的獨特需求（例如來自某個醫療體系 health system），到我們也在增加更多前線人員（feet on the street）。我們導入了新的營運模式，讓這些資源更在地化，以便支援各州的診所（state practices），並推動來自醫療院所的轉介增加。我們對此感覺非常好——我們對此非常有信心。

You know, we also mentioned last year the new Calm relationship, I think that was more about the signal of a different kind of referral partner than our typical PCP or hospital system or those kinds of referral sources. I think it's just an exciting example of a different opportunity that we think we're uniquely positioned for because of our large scale, you know, the focus on the patient experience and outcomes, as well as our hybrid model of both in-person and virtual. Those kinds of services and characteristics are very appealing to some of these national digital players.

你知道，我們去年也提到與 Calm 的新合作關係；我認為那更多是在傳達一個訊號：這是一種不同於我們典型轉介來源（例如基層照護醫師 PCP、醫院體系等）的轉介合作夥伴。我覺得這是一個令人興奮的例子，代表另一種我們認為自己具備獨特優勢的機會，因為我們的規模很大——你知道——我們專注於病患體驗與治療結果，同時我們也有線下與線上並行的混合模式（hybrid model）。這類服務與特性，對某些全國性的數位業者非常有吸引力。

Okay. Thank you.

好的。謝謝。

Ryan Daniels, William Blair.

Ryan Daniels，William Blair。

Hello, this is Matthew Mardula on for Ryan. Thank you for taking the question. I just want to kind of touch up on the answer to the last question. So can you kind of provide an update on how the patient referral segments have been trending? How should we think about the momentum with patient referrals into 2026? I know demand outpaces supply in the industry. I do want to focus on those newer initiatives, like the partnership with Calm, additional investments of the provider and partner referrals for 2026. Now this is the kind of big main point of my question. Are you expected to see maybe a newer or a different type of patients because of these patient referral segments? Thank you.

你好，我是代替 Ryan 的 Matthew Mardula。謝謝讓我提問。我想稍微延伸上一題的回答。你能否更新一下病患轉介（patient referral）各細分來源的趨勢如何？我們應該如何看待 2026 年病患轉介的動能？我知道在這個產業裡需求大於供給。我想聚焦在一些較新的計畫，例如與 Calm 的合作、以及在 2026 年對醫療提供者與合作夥伴轉介所做的額外投資。這是我問題的主要重點。因為這些病患轉介來源，你們是否預期會看到更新或不同類型的病患？謝謝。

This is Dave. I'll take that. In regards to the referrals, this is a primary channel for us to get new patients. It's one of the things that differentiates LifeStance versus many of our competitors in the outpatient mental health space. We only spend about 2% of our revenue acquiring new patients, and that's a very efficient model. The way we're able to do that is through these referral programs with the medical practices, and that continues to grow, I'd say, commensurate with the business. I wouldn't point to anything that's unique there that from a growth rate perspective.

我是 Dave。我來回答。關於轉介，這是我們獲取新病患的主要管道。這也是 LifeStance 相較於許多門診心理健康（outpatient mental health）領域競爭對手的差異化之一。我們用於獲取新病患的支出大約只占營收的 2%，這是一個非常高效率的模式。我們之所以能做到，是透過與醫療院所的這些轉介計畫；而且我會說，它會隨著業務一起成長。就成長率而言，我不會特別指出有什麼獨特的變化。

In regards to the update on Calm, it's still early days on that relationship. I think both sides, we're still working together to optimize that partnership. We are getting new patient volume from the Calm relationship, but it is not to a level that is very meaningful at this point. We expect it will build in the coming months and years, but it's not something that is going to meaningfully move the needle for us in 2026.

至於 Calm 的最新進展，這段合作關係仍在早期階段。我想雙方仍在一起努力把這個合作最佳化。我們確實從 Calm 的合作帶來新的病患量，但目前規模還不算很有意義。我們預期它會在未來幾個月與幾年逐步建立起來，但在 2026 年，它不會對我們造成顯著的影響（meaningfully move the needle）。

Then as far as the demographics go, it's one of the reasons that the partnerships with some of these large digital players like Calm are intriguing to us because we do believe that that will attract a younger, more digitally native type demographic than what we've historically had at LifeStance. So it's a completely different demographic.

至於人口統計特徵（demographics），這也是我們對像 Calm 這類大型數位業者合作感到有吸引力的原因之一，因為我們確實相信這會吸引到比 LifeStance 過去歷史客群更年輕、也更偏數位原生（digitally native）的人口族群。所以這會是完全不同的人口族群。

David Larsen, BTIG.

David Larsen，BTIG。

Hi. Can you please talk a bit about the EMR? Like, who are you using now, who are you going to be switching to? What capabilities do you expect to get from this new EMR? For example, will the workflow be easier? Will this contribute to even more physician productivity? Any thoughts on, like, reporting from the new EMR? What do you hope to get from that one that you don't get from your existing one? Thank you.

嗨。可以請你稍微談一下 EMR 嗎？例如，你們目前使用的是誰，接下來會切換到誰？你們預期從這個新的 EMR 獲得哪些能力？比如說，工作流程會更容易嗎？這是否會帶來更高的醫師生產力？另外，對於新 EMR 的報表功能有什麼想法嗎？你們希望從它得到哪些是現有系統做不到的？謝謝。

Yeah, all of the above, David, thanks for the question. First of all, we have a practice. We do not mention other companies on our earnings call, so I'm not going to talk about where we are today or where we're going from an EHR perspective. Take it up a level. We put a lot of work in over the last year in regards to the discovery process, which we've now completed, and we have decided upon a new EHR vendor, so a new one, and we'll be going away from our existing one.

是的，以上皆是，David，謝謝你的問題。首先，我們有一項原則。我們不會在財報電話會議上提及其他公司，所以我不會從 EHR 的角度談我們現在用的是哪一家、或未來要換到哪一家。我把層次拉高一點來說。過去一年我們在探索與評估流程上投入了大量工作，現在已經完成，也已經決定新的 EHR 供應商，也就是新的系統，並且會逐步汰換現有的系統。

It is foundational for the future. It goes to your question of what we're trying to get out of it. I mean, at a high level, it's about unlocking advancements in both clinical and operational excellence. Yes, from a clinical perspective, it's going to improve workflows. I think of things like care pathways and that next best action to support our clinicians, to being able to tie in new AI point solutions, things like that, as well as a much better patient experience, both from an administrative as well as a care perspective. There's a lot around the EHR that is core and foundational to where we want to take the company over the next five years. We're going to begin the planning now and throughout this year, and then we expect the rollout to be next year.

這對未來是基礎性的。也回到你問的：我們想從中得到什麼。概括來說，是要解鎖臨床與營運卓越兩方面的進步。是的，從臨床角度，它會改善工作流程。我想到的包括照護路徑（care pathways）以及「下一個最佳行動」（next best action）來支援臨床人員，也能串接新的 AI 點狀解決方案等；同時也能帶來更好的病患體驗，無論是行政流程或照護面向。EHR 周邊有很多核心且基礎的能力，關係到我們未來五年希望把公司帶往的方向。我們將從現在開始、並在今年持續進行規劃，預期明年開始上線推行。

That's great. That's very helpful. Thank you. Then with regards to, like, the payer relationships, a lot of times, like, health plans will view mental health providers as, like, ancillary providers. They'll spend a lot of time with, like, the large acute care medical centers, maybe some of the large physician groups. Mental health, based on my experience, has been more of a price taker from the handful of large, dominant commercial plans in each city. Can you maybe just talk about that?

太好了。這非常有幫助。謝謝。那再談到付款方關係（payer relationships），很多時候健康保險計畫會把心理健康提供者視為附屬型提供者。他們會花很多時間在大型急性照護醫療中心，或一些大型醫師團體上。依我的經驗，心理健康在每個城市少數幾家大型、主導性的商業保險計畫面前，往往比較像是被動接受價格的一方。你能否談談這點？

Are you a price taker where they're like, okay, here's the mental health rates, here's the fee schedule, that's what you get, or is it much more of a collaborative approach? Just any discussion around, like, the quality care you're providing to the patients, fewer ER admissions, improvements in cost of care. Thanks very much. I just want to make sure you're not a price taker. Thanks.

你們是被動接受價格的一方嗎？也就是他們說，好，這就是心理健康的費率、這就是收費表，你們就拿這個；還是更偏向合作式的方式？例如，是否會討論你們提供的高品質照護、急診（ER）就醫次數減少、照護成本改善等。非常感謝。我只是想確認你們不是被動接受價格的一方。謝謝。

Yeah, I mean, as far as the payer relationships, what I, you know, I said earlier is, we're having constructive conversations with most payers. There's always going to be tension. There's tension in all providers across the entire healthcare ecosystem and payers. So it's, you know, that's a normal level of tension.

是的，我的意思是，就付款方關係而言，我先前提到的是：我們正與大多數付款方進行具建設性的對話。一定會有拉扯。在整個醫療生態系中，所有提供者與付款方之間都會有拉扯。所以，這是一種正常程度的張力。

The thing that I would point you to in regards to outpatient mental health is that the payers are still getting a lot of pressure from their employer clients and their members for access to in-network outpatient mental health care. That's really the balance to the pricing conversation and what leads to those constructive dialogues. For the more thought-leading payers, the ones that are now thinking about quality and outcomes in addition to access, those are the payers that I think have really gotten their head around the mind-body connection, and that there is opportunity for even increased mental health utilization, leading to a total cost of care reduction.

我想特別指出的是，就門診心理健康而言，付款方仍然承受來自其雇主客戶與會員的很大壓力，要求能取得網內（in-network）的門診心理健康照護。這其實就是價格談判中的制衡因素，也促成了那些具建設性的對話。至於更具前瞻思維的付款方，也就是除了可近性之外，開始思考品質與結果的那些付款方，我認為他們確實理解身心連結（mind-body connection），並且看到提高心理健康使用量的機會，進而帶來整體照護總成本（total cost of care）的下降。

Thanks very much. I'm a big believer, obviously, in mental health and how it can keep people productive and at work and improve the total health of the market. Thanks very much. Congrats on a good quarter.

非常感謝。我當然非常相信心理健康，以及它如何讓人保持生產力、留在工作崗位上，並改善整體市場的健康狀況。非常感謝。恭喜你們這一季表現不錯。

Thanks, David.

謝謝你，David。

Peter Warendorf, Barclays.

Peter Warendorf，Barclays。

Thanks for the question. I just wanted to touch on the 20 to 30 new center adds that you guys are expecting this year. I know you said that the costs are accounted for in guidance, but is it right to assume that those come on with lower margins? Just trying to get a sense for kind of the cadence of margins throughout the year. Thanks.

謝謝讓我提問。我想談一下你們今年預期新增的 20 到 30 家新中心。我知道你們說成本已反映在財測指引中，但是否可以合理假設這些新中心剛開始的利潤率會比較低？我想了解一下今年利潤率的節奏大概會怎麼走。謝謝。

Yeah, Peter, this is Ryan. Appreciate the question. You got it right. Like, overall, 20 to 30 new centers, they do come on with a lower margin profile, but that's fully contemplated in the guidance in what we put out to the market. Again, like, we look at it as a very nice accelerator to, like, overall growth strategy in terms of where we decide to plant a flag for a new center. Again, very -- the return profile is relatively quick on them, too. You know, again, you get the initial piece where it's lower, but then it gets up to normal at a relatively fast pace.

好的，Peter，我是 Ryan。謝謝你的問題。你理解得沒錯。整體來說，新增 20 到 30 家新中心，剛開始確實會呈現較低的利潤率結構，但我們對外提供的指引已經完全把這點納入考量。同樣地，我們把它視為整體成長策略的一個很好的加速器，取決於我們決定在哪裡為新中心插旗。而且它們的回收／報酬特性也相對快。你知道，一開始會比較低，但之後會以相對快的速度回到正常水準。

Got it. Thanks. Maybe just one quick follow-up from a high level on the competitive landscape. I mean, are you seeing anybody get more or less aggressive? Is there anything worth calling out on the competitive landscape early in the year?

了解。謝謝。再追問一個高層次的問題，關於競爭態勢。你們有看到任何人變得更積極或更保守嗎？今年年初在競爭環境上，有沒有什麼值得特別提出的？

I wouldn't point out anything in particular that's new in the competitive landscape. First of all, it is and remains a very competitive environment for attracting and retaining clinicians. They have lots of choices. That's not new. That's the environment we've been in now for years. When I think about the competitive dynamics, because it is such a fragmented industry, it is really a very local conversation. At the local level, we have competitors, but there's not anyone across the nation that I would flag for you.

我不會特別指出競爭態勢中有什麼新的變化。首先，在吸引與留任臨床人員方面，這一直都是、也仍然是一個競爭非常激烈的環境。他們有很多選擇。這不是新鮮事。這就是我們多年來一直處在的環境。當我思考競爭動態時，由於這個產業非常分散，其實更多是一個非常在地化的議題。在地方層級，我們確實有競爭對手，但全國範圍內沒有哪一家是我會特別提醒你注意的。

Great. Thank you.

很好。謝謝。

Steve Deckert, KeyBanc.

Steve Deckert，KeyBanc。

Thanks, guys, for the questions. Congrats on a solid quarter. I just wanted to ask one around visits per clinician. Sequentially into 2026, how should we think about the move into 1Q from the level you were at in 4Q? Thanks.

謝謝各位回答問題。恭喜本季表現穩健。我想問一個關於每位臨床人員的就診次數（visits per clinician）問題。從 2026 年的序列趨勢來看，進入第一季時，相較於你們在第四季的水準，我們應該如何看待這個變化？謝謝。

Appreciate the question. This is Ryan. Overall, when you look into 1Q overall -- maybe I'll just tackle this from a overall kind of revenue perspective, and then we can kind of get into, like, the contribution just in terms of how to think about productivity versus net clinicians. When you look at the revenue step up from Q4 to Q1, it goes up approximately $8 million, which is 17% year-over-year, which I went through on the prepared comments earlier. When you think about the actual step up in visit volume, really, you can think of that as net clinician, where Dave went earlier, just in terms of being the driving force between the sequential growth and then supported by rate, right, overall.

感謝您的提問。我是 Ryan。整體而言，當你看 1Q 的整體表現——也許我先從整體營收的角度來回答，然後我們再進一步談談，如何從生產力相對於淨新增臨床人員的角度來理解其貢獻。當你看從 Q4 到 Q1 的營收躍升，約增加 800 萬美元，也就是年增 17%，我先前在準備好的發言中已經說明過。當你思考實際就診量的提升時，基本上可以把它視為淨新增臨床人員——如 Dave 先前提到的——這是推動連續成長的主要動力，並且整體上也受到費率的支撐，對吧。

Those are kind of the key components as you kind of build from Q4 into Q1. As Dave mentioned, like, we have high confidence just in terms of the durability as it relates to productivity, in terms of what we're doing from a practice management perspective around the productivity, as an enabler there.

這些就是你從 Q4 建構到 Q1 時的幾個關鍵組成要素。如 Dave 提到的，我們對生產力的持久性非常有信心，因為我們在診所管理（practice management）層面所做的生產力相關工作，能在其中發揮促進作用。

Okay, thanks. I want to ask one around free cash flow. I think previously, you guys had guided to it being down in '25 but was actually up. Just wondering, did any of those de novos in '25 get bumped into '26? Are you expecting free cash flow to be up in '26 versus '25? Thanks.

好的，謝謝。我想問一個關於自由現金流的問題。我記得之前你們曾指引 2025 年會下降，但實際上卻上升了。想請問，2025 年那些 de novos（新設據點）是否有任何被延後到 2026 年？你們是否預期 2026 年的自由現金流會比 2025 年更高？謝謝。

When you look at just there's always the timing and movement between new centers, just in terms of being able to fully execute on the implementation. I'd call that, like, relatively minor. When you think about the 20 to 30 centers, kind of consistent with what, you know, we've been doing here for a bit. When you talk about free cash flow, free cash flow did exceed our expectations in 2025, so at $110 million, versus 2024 was $86 million.

當你看這部分時，新中心之間在時點上總是會有一些變動與移轉，主要取決於我們能否完整落實導入與執行。我會說那是相對輕微的。當你想到 20 到 30 個中心時，這與我們過去一段時間的做法大致一致。談到自由現金流，2025 年的自由現金流確實超出我們的預期，達到 1.10 億美元，而 2024 年是 8,600 萬美元。

As we think ahead, and Dave went through this earlier, this is a super capital efficient business that we have. We expect to be positive again in 2026 as we continue to grow our adjusted EBITDA, kind of consistent with the guidance that we put out there. Again, like, this is a relatively new phenomenon for us, being for the last two years, being free cash flow positive, and we're pleased with the progression and happy to be able to our expectation being that we'll again be free cash flow positive in 2026.

展望未來，如 Dave 先前說明的，我們的業務在資本使用效率上非常高。隨著我們持續成長調整後 EBITDA，且與我們所提供的指引大致一致，我們預期 2026 年仍將維持正的自由現金流。再說一次，對我們而言，過去兩年能夠呈現自由現金流為正，算是相對新的現象；我們對這樣的進展感到滿意，也很高興我們的預期是 2026 年仍將再次維持自由現金流為正。

All right. Thank you.

好。謝謝。

Sean Dodge, BMO Capital Markets.

BMO Capital Markets 的 Sean Dodge。

Thanks. Good morning. Dave, your comments on technology and using that to drive savings, I'd imagine a big chunk of your costs are related to the clinicians and occupancy costs. If we add up all the support costs, the things you mentioned, like, the scheduling, credentialing, the revenue cycle, like, all the labor-intensive stuff, what proportion of your cost base is that? So things that are addressable or impactable with technology over time. Then maybe how much of that you think you can actually drop out over the coming years? Then just maybe any thoughts on, you know, kind of like what inning we're in with all this?

謝謝。早安。Dave，你提到科技並用它來推動節省成本；我想你們成本中很大一部分與臨床人員以及場地占用成本有關。如果把所有支援性成本加總起來——你提到的像是排班、資質認證（credentialing）、營收循環（revenue cycle）等這些高度依賴人力的工作——它們占你們成本基礎的比例大概是多少？也就是那些隨時間可由科技處理或受到科技影響的部分。那麼在未來幾年，你認為其中有多少實際上可以被削減掉？最後也想請你談談，你覺得我們在這整件事上大概進行到哪一局（inning）了？

Yeah, Sean, this is Ryan. I appreciate the question there. I think I would, like, kind of handle this question by grounding you again, just in terms of our long-term growth algorithm. As it relates to, Dave went through this, mid-teens revenue growth, we expect Center Margin to expand out to mid-30s from the low 30s where it sits today. Part of the Center Margin expansion is from leveraging things like your occupancy costs. You get down to the G&A line, and overall, that's where, you know, with the new part of our long-term guidance that we put out today, is expect to be in mid-teens EBITDA by 2028. You can think of that both from expansion of Center Margin plus the G&A line.

是的，Sean，我是 Ryan。感謝你的提問。我想我會用我們的長期成長算法（long-term growth algorithm）來再次幫你建立背景，藉此回答這個問題。就如 Dave 所說，我們預期營收以十幾%的中段（mid-teens）成長，並預期中心毛利率（Center Margin）可從目前的三十%出頭擴張到三十%中段（mid-30s）。中心毛利率擴張的一部分，來自於運用像是場地占用成本這類項目的槓桿效益。再往下到 G&A（一般及行政）費用那一行，整體而言，我們今天新增的長期指引是：預期到 2028 年 EBITDA 利潤率可達十幾%的中段（mid-teens）。你可以把它理解為中心毛利率擴張加上 G&A 費用線的改善。

In the G&A line, that's getting at the crux of your question, just in terms of being able to drive efficiencies, to be able to pull out, to be able to get the leverage. We feel really confident in our ability to be able to do that. We've proven our ability to be able to implement technology, to be able to drive an overall lower expense base.

在 G&A 費用線上，這正是你問題的核心：也就是我們能否推動效率、把成本抽離出來、並取得槓桿效益。我們對自己做到這一點的能力非常有信心。我們已經證明我們有能力導入科技，並推動整體費用基礎下降。

Okay, understood. Thanks.

好的，了解。謝謝。

With no further questions in queue, I will now turn the call over to CEO, Dave Bourdon, for closing remarks.

由於目前沒有其他排隊提問，我現在把電話交回給執行長 Dave Bourdon，請他做結語。

Hey, thank you, operator. I'd like to thank our nearly 11,000 mission-driven teammates who make sure that our patients get the quality care that they need and they deserve. I continue to be inspired by the passion and the resilience that you all bring every day. Our services are needed more than ever, and we look forward to furthering the positive impact that we can have on the millions of Americans whose lives can be improved by the high-quality mental health care services that LifeStance provides. Thank you for joining us today.

嗨，謝謝你，接線員。我想感謝我們將近 11,000 位以使命為導向的同仁，確保我們的病患能獲得他們需要且應得的優質照護。你們每天展現的熱情與韌性，持續帶給我啟發。我們的服務比以往任何時候都更被需要；我們也期待進一步擴大我們能帶來的正向影響，為數以百萬計的美國人帶來生活改善，而這些改善來自 LifeStance 所提供的高品質心理健康照護服務。感謝各位今天加入我們。

Operator, that'll conclude our call. Thank you.

接線員，我們的電話會議就到這裡。謝謝。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝各位今天加入我們。今天的電話會議到此結束。各位現在可以掛線。